Update on Nancy Burdine Maxine Field

RNS Number : 5751C

Baron Oil PLC

19 October 2015

 

19 October 2015

Baron Oil plc

("Baron " or "the Company")

Nancy Burdine Maxine Field Update

On 16 October 2015, Inversiones Petroleras de Columbia (50% owned by Baron), the operator of the Nancy Burdine Maxine field in Columbia, handed over operational control of the field to Ecopetrol S.A. the state owned oil and gas operating entity. Baron's local management in Bogota will now work to complete all the formal field handover documentation over the next several months.

The Directors anticipate that the net cost to Baron of exiting Colombia, relating to accrued royalty payments and capital costs owed to Ecopetrol, will amount to approximately $1 million payable over the next six months. 

The Company will make a further announcement upon completion of the formal handover.

For further information:

Baron Oil Plc

Bill Colvin (Chairman & CEO)                                         Tel: [phone]

Cantor Fitzgerald Europe 

Nominated Adviser and Broker

Sarah Wharry (Corporate Finance)                                 Tel:  [phone]

 

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